Are you a homeowner who is experiencing financial difficulties? If so, foreclosure should be a concern of yours. Unfortunately, many homeowners believe that foreclosure will go away. Yes, many truly know this will not happen, but some do convince themselves that the best thing is to do nothing. Do not make this mistake. To protect your credit and your home, you need to know when and where to seek help.
Today's economy is hurting many companies, such as those in the auto industry. For that reason, many employees are finding themselves laid off. If this happens to you, you need to seek help immediately. That help should come from your mortgage lender. This is important because even if you are able to draw unemployment, there is often a waiting period. Let your lender know that you will be unable to make a full payment for the next month. Be sure to state that you intend to either find a job or use your unemployment check for your mortgage.
Another issue that should be discussed with your mortgage lender is injury. Are you injured and can't work? Whether you will receive disability or worker's compensation, there is a waiting period. In fact, this waiting period may take up to six weeks or more! In this time frame, you may miss one or two mortgage payments. Do not let your mortgage lender get the wrong impression. If you will be able to return to work in a few months, bring proof. Have a notice from your doctor, as well as from your employer. When a mortgage lender can see that you will be returning to work and your previous financial status soon, they should be more willing to work out a temporary payment plan with you.
The American Dream has always been to own your own home. Think of it! Free of rental payments going to someone and you gaining no equity in the property. It's frustrating.
So frustrating that many people made the jump from renters to homeowners just two years ago when the market was attractive. Take the couple in California who, tired of renting, told their kids that if they skip vacations and eating out so often, they could afford a new home.
But the price was a killer even then. At $567,000, they needed to get into a loan that would allow them to ease into the high payments. They didn't have much money for a down payment and chose an adjustable rate mortgage, meaning they would have a few years of low payments. Just what they wanted, they thought.
Their mortgage broker told them not to worry. In two years they could easily refinance and keep the rate down.
But now, it's almost impossible to get refinanced if you have little money and little credit. The banks and mortgage companies are no longer loaning to people who are a high credit risk. So the couple in California are caught in a trap.
What's worse is that brokers in the area tell them homes like theirs are fetching only $535,000. This means that the balance on their loan exceeds their home value.
Hundreds of thousands of people will be caught in this same trap. All thought the boom in housing prices would continue. What they did was jump into homeownership at a time when credit was easy, instead of waiting until they could someday afford payments. But lenders are now enforcing stricter standards and not extending credit to these people.
They will not lend because they have no collateral, no equity in their house, and generally upside down on their loans. This is no longer a rare situation. That cushion of home equity keeps you from losing your home when you lose your job, have a critical illness, or your payments skyrocket like the couple in California.
What you should do is scope out your situation and see if you have anything close to what is stated here. If so, the recommendation is to begin to seek out a foreclosure lawyer. These attorneys can help you and generally do not charge you anything unless they can save your home.
Our staff of local New Homes Las Vegas real estate experts utilizes an enormous contact base, strong communication and negotiating skills, necessary to provide you and your family with a customer service that is unequal in today's real estate market.
http://Newhomeslasvegas.net Call 702-513-2394